Homebuyers are calling for action from the Government to tackle the challenging conditions of the UK property market, according to new research Market Financial Solutions.

The specialist lender commissioned an independent survey among 412 UK adults who have bought a property in the UK in the past year or are currently buying one and found that more than three in five (63%) of respondents feel that the UK’s property market is too competitive.

This figure increased to 70% among 18-24-year-olds but dropped to 43% among those aged between 35 and 44.

Two thirds (66%) of those surveyed by MFS said the process of buying a property in the UK is too slow and complicated, while a similar number (65%) believe obtaining the finance to purchase a property is too stressful.

MFS’ research also found that 59% of people feel that there is a shortage of the type of property that they would ideally like to own.

Paresh Raja, CEO of Market Financial Solutions, said that there is an “opportunity with the first change of Government in 14 years”.

“Our research demonstrates that there is a clear desire for action to make the homebuying process faster and less stressful,” Raja commented. “Building more homes is a key part of this, but in isolation, it is unlikely to correct the imbalance between supply and demand.

“Instead, it’s important that the public and private sectors come together to make the property market more equitable. New housing aside, there are many ways to make the market less competitive – from renovating dilapidated buildings to converting unused commercial properties – that the specialist lending sector can help facilitate.

“Lenders can also play a role in offering greater speed and assurance in delivering the finance people need to buy properties; doing so removes a great deal of stress from the process.”

---